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New York Senate introduces Sports Betting Bill

New York Senate introduces Sports Betting Bill

The senate of New York introduced the New York Sports betting bill on Wednesday attempting to give boost to the prospects of legalized sports betting and single-game wagering at gaming facilities around the state.

The bill was introduced by Sen. John Bonacic, chair of Senate Racing, Gaming and Wagering Committee.

The state of New York authorized gave a nod to sports betting at state's commercial casinos, pending a change in federal law.

The change is likely to come as soon as US Supreme Court decides to strike down the ban on Professional and Amateur Sports Protection Act (PASPA).

Bonacic said in a statement 'New York state has always lagged behind when it comes to developments in gaming world, and it has been to our harm.'

'If allowed the education sector of New York would be able to reap benefits from the revenues of sports wagering,' he added.

He also said, 'We have the chance to ensure that our sports betting statute gets fully developed and it addresses the needs of the state. This would benefit the stakeholders if we authorize and regulate sports betting.'

The key point of the bill includes authorizing sports wagering at casinos, tracks and off-track betting parlors. Legal Sports Report tries to determine if it also includes the state's tribal casinos. It also features an effective tax of 10.5 per cent of gross gaming revenue which would also include a portion of integrity fee going to the league under certain conditions.

The state is supposed to 8.5 per cent of the share of the revenue.

The Senate is pushing legalized sports betting but, like other states it is also waiting for the Supreme Court Verdict.